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23 Apr 2014
EUR/USD firmer, eyes on 1.3860
FXStreet (Edinburgh) -The shared currency is now posting 4-day post-euro area PMIs, taking the EUR/USD back to the 1.3850/55 region.
EUR/USD boosted by data
With the exception of the French results, the German and EMU manufacturing and services PMI prints exceeded forecasts for the month of April, propping up the current bull run in spot to levels shy of 1.3850. “Today’s figure buys the ECB a bit more time. With the recovery still on track there doesn’t seem to be an urgent need for strong action, though deflationary pressures still warrant attention… People expecting an imminent large-scale asset purchase program on the back of current economic figures are likely to be disappointed”, noted Peter Vanden Houte, Analyst at ING Bank NV.
EUR/USD levels to watch
At the moment the pair is up 0.34% at 1.3853 with the next up-barrier at 1.3865 (high Apr.17) ahead of 1.3906 (high Apr.11) and finally 1.3935 (high Mar.19). On the downside, a break below 1.3798 (low Apr.23) would open the door to 1.3785 (low Apr.22) and then 1.3780 (low Apr.9).
EUR/USD boosted by data
With the exception of the French results, the German and EMU manufacturing and services PMI prints exceeded forecasts for the month of April, propping up the current bull run in spot to levels shy of 1.3850. “Today’s figure buys the ECB a bit more time. With the recovery still on track there doesn’t seem to be an urgent need for strong action, though deflationary pressures still warrant attention… People expecting an imminent large-scale asset purchase program on the back of current economic figures are likely to be disappointed”, noted Peter Vanden Houte, Analyst at ING Bank NV.
EUR/USD levels to watch
At the moment the pair is up 0.34% at 1.3853 with the next up-barrier at 1.3865 (high Apr.17) ahead of 1.3906 (high Apr.11) and finally 1.3935 (high Mar.19). On the downside, a break below 1.3798 (low Apr.23) would open the door to 1.3785 (low Apr.22) and then 1.3780 (low Apr.9).